HARSHA ISHVARBHAI SOLANKI & Others vs Adjudicating Officer Securities and Exchange Board of India

IN THE SECURITIES APPELLATE TRIBUNAL AT
MUMBAI

TH
DATED THIS THE 4 DAY OF NOVEMBER, 2026


CORAM : Justice P. S. Dinesh Kumar, Presiding Officer
Ms. Meera Swarup, Technical Member
Dr. Dheeraj Bhatnagar, Technical Member


Appeal No. 388 of 2026
And
Misc. Application No. 1147 of 2026


Between


1. Ms. Harsha Ishvarbhai Solanki
886, Marwadi Street, Hajam Street,
Ghee Kanta Road,
Ahmedabad – 380 001.

2. Ms. Nitaben Babulal Khalas
811, Marwadi Street, Hajam Galli,
Ajad Galli, Ghee Kanta Road, Shahpur,
Ahmedabad – 380 001.

3. Sonalben Amitbhai Khalas
811, Marwadi Street, Hajam Galli,
Ajad Galli, Ghee Kanta Road, Shahpur,
Ahmedabad – 380 001.

4. Ms. Taraben Kirankumar Padhiyar
811-5, Marwadi Street, Hajam Galli,
Ajad Galli, Ghee Kanta Road,






























Ahmedabad – 380 001.

5. Mr. Ravi Dipakbhai Barupali
818-9, Hazam Galli,
Ajad Galli, Ghee Kanta Road,
Ahmedabad – 380 001.

6. Mr. Rakeshbhai Kishanbhai Pandya
808-2, Marwadi Street, Hajam Galli,
Ajad Galli, Mirzapur,
Ahmedabad – 380 001.

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7. Mr. Jayesh Ganpatlal Pansal
H. No. 686/16, Bakar Ali Ni Wadi,
Mirzapur, Ahmedabad – 380 001.

8. Ms. Rajaniben Jayeshbhai Pansal
686/16, Bakar Ali Ni Wadi, Ghee Kanta,
Ahmedabad – 380 001.

9. Ms. Khushbu Arjunbhai Padhiyar
691/9, Bakarali Ni Vadi,
Near Rahmutullah Masjid, Dariyapur,
Ahmedabad – 380 001.

10. Ms. Bhavika Prakash Rathod
791/28, Green Field Ni Chali,
Ghee Kanta Road, Shahpur,
Ahmedabd – 380 001.

11. Ms. Rita Arvindbhai Rangi
1252-21, Soni Ni Chawl, Pattharkuwa,
Relief Road, Ahmedabad – 380 001.

12. Mr. Nimeshkumar Baldevbhai Parmar
1723-5, Ottam Pole, Shahpur,
Ahmedabad – 380 001.

13. Ms. Lataben Narotambhai Rangi
9, New Houses, Mirzapur,
Ahmedabd – 380 001.

14. Mr. Vishnu Shantibhai Parmar
735/317, Govindlal Ni Chali,
Kabir Chowk, Sabarmati,
Ahmedabad – 380 005.

15. Ms. Komal Vaghaji Chauhan
Rabari Vas,
Behind Police Commissioner Office,
Shahibag, Ahmedabad – 380 004.

16. Ms. Dayaben Marvadi
Somnath Nagardas Ni Chali,
Opp. Vikram Mill, Saraspur,

















































Ahmedabad – 380 018.

17. Mr. Prakash Chunilal Mudethiya
D-1, Punitnagar Tenament Row House,
Punit Flat, Ranip,
Ahmedabad – 382 480.

3

18. Mr. Jigar Bhailalbhai Khalash
1/K/158, Vivekanandnagar,
Sector-K and Hathijan-4,
Ahmedabad – 382 445.

19. S S Traders
(Proprietor- Marvadi Parsotambhai)
Somanth Nagadas Ni Chali, 627/C/28/6,
Opp. UCO Bank, Saraspur,
Ahmedabad – 380 018.










…. Appellants



By Mr. Kunal Katariya, Advocate i/b Mr. Jitendra Sharda,
Advocate for the Appellants.


And

Securities and Exchange Board of India
SEBI Bhavan-2, C-7, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.



…. Respondent


By Mr. Manish Chhangani, Advocate with Mr. Karthik K.P.,
Ms. Sanskrity Purohit, Mr. Devya Shah, Advocates i/b. The
Law Point for the Respondent.



THIS APPEAL IS FILED UNDER SECTION 15T OF SEBI
ACT, 1992 TO SET ASIDE ORDER DATED FEBRUARY
12, 2026 (EX-A) PASSED BY AO, SEBI.


TH
THIS APPEAL COMING ON FOR HEARING THIS 4 DAY
OF NOVEMBER, 2026, THIS TRIBUNAL PASSED THE
FOLLOWING:

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O R D E R

Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral)


This appeal is directed against order dated February
1 2
12, 2026 passed by AO , SEBI , imposing penalty on the
appellants for violation of Securities laws.

2. We have heard Mr. Kunal Katariya, learned advocate
for the appellants and Mr. Manish Chhangani, learned
advocate for the respondent.

3. For the reasons stated therein, Misc. Application No.
1147 of 2026 for condonation of delay of 192 days in filing
this appeal is allowed and disposed of.

4. Admitted position is that the AO, SEBI has initiated
certain proceedings against the appellants and it has
culminated in an ex parte order, impugned in this appeal.

5. Mr. Katariya submitted that though the show cause
notice was served upon the appellants, the hearing notice
was not served and it is contrary to the authority in
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Bajranglal B. Maloo HUF vs. SEBI .

6. Mr. Katariya’s contention that hearing notice was not
served and the position of law as held in Bajranglal B.
Maloo (supra) is not disputed by the learned advocate for
the respondent.

7. We have perused Bajranglal B. Maloo and note that
this Tribunal has ruled in that case that an opportunity of

1
Adjudicating Officer
2
Securities & Exchange Board of India
3
Appeal No. 564 of 2021 decided on August 31, 2021

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hearing before passing the impugned order is mandatory
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under Rule 4(3) of the Rules .

8. In the circumstances, the order dated February 12,
2026 is unsustainable and accordingly set aside. Matter is
remitted to the AO for fresh consideration in accordance
with law.

9. Appellants are granted four weeks from today to file
their reply. They shall appear before the AO on December
10, 2026 without waiting for any notice from the SEBI.

10. Appeal stands disposed of in above terms. Pending
interlocutory application(s), if any, stand disposed of.

No costs.




Justice P. S. Dinesh Kumar
Presiding Officer



Ms. Meera Swarup
Technical Member



Dr. Dheeraj Bhatnagar
Technical Member
04.11.2026
PTM
Digitally signed
by MRS PRAMILA
Date: 2026.11.05
12:49:05 +05'30'
MRS
PRAMILA

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SEBI (Procedure for Holding Inquiry and Imposing Penalties by
Adjudicating Officer) Rules, 1995